Written Question: Diversity and Inclusion in the City

Lord Moylan: To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 20 September (HL1065), what discussions they have had with the Financial Conduct Authority or the Prudential Regulation Authority on their proposals for making diversity and inclusion reporting mandatory through regulation; and what assessment they have made of these regulatory measures in light of the total costs to firms as outlined (1) on page 53 of the Financial Conduct Authority consultation paper Diversity and inclusion in the financial sector – working together to drive change, published in September 2023, and (2) on page 57 of the Bank of England consultation paper Diversity and inclusion in PRA-regulated firms, published in September 2023 and updated in October 2023.

Financial Secretary to HM Treasury (Lord Livermore): The Financial Conduct Authority and the Prudential Regulation Authority are non-governmental bodies which are independent from the Treasury. The government does not make assessments of their consultations.

The Treasury engages closely and regularly with the regulators on a wide range of issues, including ensuring that effective, proportionate regulation is supporting the government’s mission to drive the growth and international competitiveness of the UK’s financial services sector.